Warpaint London strong in 2022, UK and Europe doing well
Beauty specialist Warpaint London issued an update on Monday and said “the group has experienced strong trading in 2022 to date with the brands' proposition of delivering high-quality cosmetics at affordable prices resonating with customers, both in the UK and internationally”.
Clive Garston, chairman of the owner of the W7 and Technic brands, said sales for the six months to 30 June are expected to be “in excess of” £24 million, compared to £18.4 million in the previous year’s first half. This would be a record level for the group and ahead of its expectations when this year began.
“During the year to date, strong growth in the sales of the group's branded products has been achieved in the UK and particularly in continental Europe, with other regions performing in line with the board's expectations,” Garston said.
And he added that as well as delivering sales growth, the company has been able to achieve improved margins. Despite inflationary headwinds and continued high transport costs, the group's gross profit margin for the year to date has been in excess of that achieved for the 2021 full year.
And it looks like things could continue to improve because sales at the company tend to be weighted towards the second half, reflecting its strength around the Christmas season. Garston said that with “the group having a strong current order book, ahead of the level at this time last year, I am confident that [we] will continue to perform well for the remainder of the year.”
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